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US deposit insurance cap lifted to US$250k

02 October 2008 4:29PM
The main change in the proposed US financial bailout is a lift in the deposit insurance cap to US$250,000 from US$100,000. The revised proposal, attached to a bill authorising assorted tax breaks, is likely to face a vote in the US Senate this morning, Australian time.The other key features of the bill, already rejected once by the US House of Representatives, and which leaves all the salient details of the purchase of toxic assets to the US Treasury, remain unchanged.

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